Spent Output Age Bands segments all on-chain spending activity into cohorts based on how long each spent output had been dormant before being moved, displaying the total value of outputs destroyed within each specified age window - from coins moved within hours of their creation to those dormant for multiple years before being spent.
Where UTXO Age Bands track the composition of existing unspent supply, Spent Output Age Bands capture the age profile of coins actively leaving their resting state - making it a more dynamic indicator of which holder cohorts are driving on-chain activity at any given time. When older age bands dominate spent outputs, long-term holders are responsible for a disproportionate share of on-chain movement - historically a significant signal of distribution or strategic repositioning by experienced market participants. When activity is concentrated in younger bands, short-term traders are driving the majority of spending, which carries different implications for market structure and price direction.
Tracking shifts in the composition of spent output age bands alongside price action provides a real-time view of which cohorts are becoming active and why - identifying the transition from short-term trader dominance to long-term holder movement that has historically marked major cycle inflection points, and helping contextualize whether current on-chain activity represents routine trading behavior or structurally significant supply rotation.
